US Q3 advance GDP +2.0% vs +2.7% expected

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LON +1

SDNY+11

NY -4

TYO +9

GMT

Highlights of the first look at Q3 GDP

• Q2 was +6.7% annualized (unrevised)
  
• Q1 was 6.4% annualized
  
• Personal consumption +1.6% vs +12.0% in Q2
  
• GDP deflator +5.7% vs +5.5% expected
  
• Core PCE +4.5% vs +4.5% expected
• GDP final sales -0.1% vs +8.1% in Q2
• Full report
  

Details:

• Inventories added 2.07 pp to GDP vs -1.26 pp in Q2
  
• Inventories cut -2.62 pp in Q1
  
• Exports  -2.5% vs +7.6% second reading
  
• Imports +6.1% vs +7.1% second reading
• Trade was a 1.14 pp drag vs 0.18 pp drag in Q2
  
• Home investment -7.7% vs -11.7% in Q2
  
• Consumer spending on durables -26.2% vs +11.6% in Q2
  
• Personal consumption added 1.09 pp GDP vs +7.92 pp in Q2
  
• Government spending added 0.14 pp to GDP vs +0.36 pp in Q2
  
• Full report

Economist Julia Coronado notes that excluding motor vehicles, GDP grew at 7.4%. The demand is there for cars so this shows that it's largely a chip-shortage phenomenon.

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October 29, 2021 at 12:30AM
Adam Button
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